SoftBank Acquires Majority Stake in Cubic Telecom

The €473 million deal marks SoftBank's significant entry into the connected cars market.

SoftBank Corp has agreed to purchase a 51% stake in Cubic Telecom, an Irish software developer, for approximately €473 million ($513 million), marking its largest overseas investment since its public listing in 2018.
Cubic Telecom provides a platform for automakers to update software functions in cars globally and in real time, and currently connects more than 17 million vehicles in 190 countries.
The deal values Cubic Telecom at over €900 million and will allow SoftBank to make a significant entry into the market for connected cars and software-defined vehicles.
Cubic Telecom's existing investors include CARIAD, the software unit of Volkswagen, and chipmaker Qualcomm.
The deal is set to close in the first half of 2024, and Cubic Telecom will become a consolidated subsidiary of SoftBank.